The interchange fee would be anywhere from 0.5% to 1.1 % which will be applicable from 01.04.2023
The lowest fees applicable to fuel payments. is 0.5%
All Transactions exceeding Rs. 2000 which could be related to Mobile and light bill payments, school and collage fees, post office payment and such other will be @ 0.7%
Railway tickets, Grocery payment at D mart and Reliace Markets, Insurance and Mutual fund investments are liable for 1.00% fees.
This new rule will not be applicable to payment to relatives and inter bank payment of same persons.
This initiative is benefits all player who is currently loss Rs.2 on every processing of Rs. 800-1000. worth of transactions.
Fees is applicable from 01.04.2023 however priceing cap in percentage will be reviewed and will be updated after 30.09.23 if required.
This is new landmark rule for digital india era and young generations of digital baking.
All fintech start ups will get their profit and loss account statements having improvements due to this initiative.
Now UPI is part of each and every Indians and this eco system require such step for sustainable future of fintech companies and better service to users of it.
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